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Personal Bankruptcy Limits Increase

Changes to the Insolvency Act 1986 that are being introduced on 1 October 2015 will mean that a person will no longer be able to be made bankrupt if they fail to pay a judgment debt of as little as £750 (a sum which has remained the same for 19 years).

Under the revised regulations, a petition for bankruptcy will only be able to be presented if the debt due is £5,000 or more.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.